Petrochemical production in GCC up by 5.5% in 2012, despite slowdown in global markets

10-Jun-13

Petrochemicals production in the GCC increased by 5.5% in 2012, despite a slowdown in global markets due to the recession in Europe, as per the Gulf Petrochemicals and Chemicals Association’s (GPCA) Annual Report. It also said the industry had been impaled by inventory discrepancies and deterioration in manufacturing last year. The GCC’s petrochemicals production capacity rose to 127.8 million tons in 2012, up from 121.1 mln tons in 2011. In 2012, global petrochemical production grew 2.6%, lower than the 3.8% growth rate in 2011. With a capacity of 86.4 mlon tons, Saudi Arabia accounts for over half the GCC’s total petrochemicals capacity. An estimated 6 mln tons of capacity came on stream in 2012, cementing the Kingdom’s position as the region’s leading petrochemicals producer. With 6.1 mln tons, petrochemicals production in the UAE currently accounts for 4.8% of the total regional capacity, it added.